Assigning benefit of rental property to my wife

Hi - I own a property in my own name which I purchased before I was married. I have completed a deed of trust to transfer 30% of the benefit of this property to my wife. Do I need inform of the Inland revenue of this with Income Tax form 17 or is there a different form I have to complete?

Hi
Thank you for your question.
As the property is not held in joint names, no form 17 is required.
I would suggest that you send a copy of the Declaration of Trust (or Deed of Variation )
Ownership and income tax
Regards.

Hi HMRC Admin, Is a bare trust as described in TSEM9520 sufficient in this case? Or does it need to be witnessed by anyone, or written by a solicitor? https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem9520 In addition, how do you send a copy to HMRC? Is there to submit it online or should it be mailed somewhere? Thank you.

Hi,

 

Thank you for your question. I presume that the property is solely owned by one person. As you have stated the guidance at TSEM9520 can be used in order to set up a declaration of trust. The declaration must contain the information set out in the guidance. The guidance also explains that the document does not require delivery or witness to signatures. You should however keep the declaration of trust should it be requested by HMRC. If you have any doubts regarding the validity of a declaration of trust you should consult a solicitor. Thank you.